By: Murphy, et al. (Senate Sponsor - Patrick) H.B. No. 885
         (In the Senate - Received from the House May 1, 2013;
  May 2, 2013, read first time and referred to Committee on
  Education; May 15, 2013, reported favorably by the following vote:  
  Yeas 8, Nays 1; May 15, 2013, sent to printer.)
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to the guarantee of refinanced open-enrollment charter
  school bonds by the permanent school fund.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 12.135(b), Education Code, is amended to
  read as follows:
         (b)  A charter district may apply for bonds issued under
  Chapter 53 for the open-enrollment charter school, including
  refunding and refinanced bonds, to be guaranteed by the permanent
  school fund as provided by Chapter 45.
         SECTION 2.  Section 45.052(a), Education Code, is amended to
  read as follows:
         (a)  On approval by the commissioner, bonds issued under
  Subchapter A by a school district or Chapter 53 for a charter
  district, including refunding and refinanced bonds, are guaranteed
  by the corpus and income of the permanent school fund.
         SECTION 3.  Section 45.0532, Education Code, is amended by
  adding Subsection (a-1) to read as follows:
         (a-1)  The commissioner may not approve charter district
  refunding or refinanced bonds for guarantee under this subchapter
  in a total amount that exceeds one-half of the total amount
  available for the guarantee of charter district bonds under
  Subsection (a).
         SECTION 4.  This Act applies only to a bond issued, refunded,
  or refinanced on or after the effective date of this Act by an
  open-enrollment charter school designated as a charter district
  under Section 12.135, Education Code. A bond issued, refunded, or
  refinanced before the effective date of this Act by an
  open-enrollment charter school designated as a charter district is
  governed by the law in effect immediately before that date, and that
  law is continued in effect for that purpose.
         SECTION 5.  This Act takes effect September 1, 2013.
 
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